Mumbai: As the BJP is set to form the next government in Maharashtra on Friday, industry experts want the new chief minister to expedite the delayed infrastructure projects in the state and revive investment in key sectors by removing bureaucratic bottlenecks.
Devendra Fadnavis, 44, a four-term MLA from Nagpur, will be administered the oath of office by Governor C Vidyasagar Rao at Wankhede Stadium in the presence of Prime Minister Narendra Modi, several of his Cabinet colleagues, chief ministers of BJP-ruled states, corporate leaders, Bollywood stars and other celebrities.
The new government will have to address some immediate issues like power deficit and bureaucratic hurdles to revive investment in manufacturing, real estate and construction sectors for growth and job creation in Maharashtra, according to industry experts.
"Live investment worth Rs 15 lakh crore which are at different stages of implementation should be expedited by the new chief minister. If done the multiplier effect will be phenomenal," industry lobby Assocham said in a statement.
The chamber said that projects worth Rs 4.12 lakh crore are currently under implementation in the power sector alone. However, implementation of the same needs to be speed up. Along with pending investment in the power sector, such investments in the pipeline belong to construction and real estate (Rs 2.92 lakh crore), services (Rs 5.78 lakh crore) and manufacturing (Rs 1.65 lakh crore).
Property consultant Jones Lang LaSalle (JLL) believes the government will have to focus on 3 I's -- infrastructure, interest reduction and income generation. "With the BJP's remarkable show in the state polls, the state will give a new lease of life to infra projects across all sectors. The projects which are being monitored by the Centre will get accelerated with the state government assumption of political power," JLL's Ramesh Nair said.
He said with the Centre taking a keen interest in the real estate sector, it will provide an impetus for growth across various sectors, generating tremendous employment and thereby boost the entire economic outlook for the country.
He further said there is an urgent need for the approval process to be streamlined and expedited. "Easy approvals will lead to faster clearances and thereby a steady supply, which will keep property prices low. We definitely expect the government to be more developer-friendly.
"Fast-tracked reform measures in the environmental approval process and clear policies on real estate will add more clarity and lead to faster execution. If the BMC sees power realignment, and if this helps new reforms and regulations to come through faster, then Mumbai's real estate sector will definitely be a clear winner," Nair said.
Projects like the Navi Mumbai international airport, the 22 km Trans-Harbour Link connecting Sewri with Nhava Sheva and the bullet train connecting Mumbai and Ahmedabad are expected to be taken up on fast-track. "Mumbai will be the logical choice for almost all the MNC companies for establishing front offices to complement any investment in Maharashtra," he said.
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